Investor recovers N1.5m from illegal sale of his shares

The Securities and Exchange Commission said its Investor Protection Initiative has received a boost as one investor had recovered N1.5 million shares that were illegally sold.
This was conveyed in a statement by Naif Abdulsalam, the Head of Corporate Communications of SEC, in Abuja on Sunday.
Abdulsalam said the investor, Rev. Fr. Samuel Ikechukwu, received a cheque leaf of the said sum last weekend.
He said: “Ikechukwu, who is resident in Italy, bought the Guaranty Trust Bank shares eight years ago through Cashville Investment and Securities.
“Ikechukwu was surprised to learn that the shares had been sold by the company without his knowledge.
“He became suspicious when he was not receiving any dividend warrant nor bonuses and upon further investigation, realised that the shares had been sold without his knowledge.”
According to Abdulsalam, Ikechukwu lodged a complaint with SEC in January 2015.
He said after thorough investigation by the commission, the money was recovered and Ikechukwu was called by the SEC Police Unit on January 4 to pick up his cheque.
Abdulsalam said although the complainant was happy with SEC’s effort, he wants the company to be further penalised to serve as deterrent to others.